Characteristics of Contracts

What are the two types of contracts based on the number of parties involved?

• Valid and void

• Express and implied

• Bilateral and unilateral

• Oral and written

Fill in the blank: A contract can be either oral or ________.

• A) void

• B) written

• C) bilateral

• D) express

Fill in the blank: Contracts can be either bilateral or ________.

• unilateral

• voidable

• express

• written

What are the two types of contracts based on their form?

• Valid and void

• Express and implied

• Bilateral and unilateral

• Oral and written

Which of the following is a characteristic of a contract?

• Tangible

• Unenforceable

• Visible

• Audible

Which type of contract can be canceled for some legal reason?

• Void contract

• Voidable contract

• Enforceable contract

• Legal contract

Which of the following contracts is void?

• A contract with all legal elements

• A contract missing one legal element

• A contract between two adults

• A contract that is enforceable.

Which of the following is true about implied contracts?

• They are always written.

• They require verbal agreement.

• They come from the actions of the parties.

• They are not legally binding.

In the example given, what action did Herb Schneider take that led to an implied contract?

• He spoke to the attendant

• He handed the attendant $10

• He signed a document

• He drove off without paying.

Fill in the blank: An implied contract can arise from the ______ of the parties involved.

• Words

• Actions

• Documents

• Agreements